Gold Coast Chapter 4 (Updated)2024/2025

Gold Coast Chapter 4 (Updated)2024/2025Caveat Emptor "Buyer beware" are synonymous with an arm's length relationship. Buyers and sellers typically operate at arm's length; the seller wants a price that is as high as possible, and the buyer wants a price that is as low as possible. Customer A customer is a member of the public who is or may be a buyer or seller of real property. Designated Sales Associate If both the seller and the buyer have assets of $1 million or more, and both request single agent representation, the broker may, at the request of the parties, designate sales associates to act as single agents for the different customers in the same transaction. One or more sales associates, each titled designated sales associate, may be designated to act as agents for the seller, and one or more may be designated to act as agents of the buyer. Dual Agent Any attempt to represent both parties in a transaction would create an illegal dual agency. [F.S. 475.01(k)] Fiduciary A person to whom property or power is entrusted for the benefit of another: